Siebel Announces Stock Buyback

Updated Aug. 1, 2002 11:14 a.m. ET

Siebel Systems Inc. announced plans Thursday to buy back up to $500 million common shares, after the software maker's stock slid nearly 34% last month. The San Mateo, Calif., company said the repurchase plan, which its board already approved, will take place sporadically in the open market and through negotiated transactions. The company may discontinue the buyback at any time. Siebel has about 473.6 million shares outstanding. The stock closed at $9.40 Wednesday on the Nasdaq Stock Market.